Home prices moderate in San Diego in August

Home prices moderate in San Diego in August

Home prices moderate in San Diego in August
For the second month in a row the median home price in San Diego county took a slight dip, according to new data. CoreLogic/DQNews reports that the median home price in the region was at $725,000 as of August. The peak of home prices in San Diego reached a peak of $749,750 in June and have slowed down in the months since.

Despite the recent moderations in home prices, experts suggest that those concerned about a crash shouldn’t worry. Home prices remain 13.3 percent higher than they were a year ago and high demand is expected to continue to drive long-term growth in the housing market.

Home inventory continues to be a problem in San Diego, although there have been recent improvements. There were 4,429 homes listed for sale in the County in August, according to Redfin. This is down from 5,723 during the same period last year and 8,407 in 2019.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.